Omkar Realtors in JV launching project in Mahim

Mumbai-based realty players Omkar Realtors and Anand Piramal led Piramal Realty in partnership are building a new project in Mahim. The companies are in advanced stages of discussions to jointly develop a 5-acre prime sea-facing property. This will be the second joint venture agreement between the two after the iconic Dhobi Ghat redevelopment project at Mahalaxmi spread across 12 acres. Earlier, Omkar had also entered into a joint development agreement with L&T Realty for a17-acre redevelopment project in the Parel area, called Crescent Bay, and with Godrej Properties to develop a 4.25 acre project in the tony Bandra West area. The project is being undertaken under the slum rehabilitation scheme by Omkar and Piramal. While Omkar will develop the slum rehabilitation component, Piramal will handle the commercially saleable component which will be a luxury residential development. The companies have decided to launch the project in this fiscal.

: Published: 19 April 2019

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